What does a cost accountant do?
A cost accountant ensures the company’s financial records are accurate and updated. They analyse and record business expenses, which helps organisations make informed decisions about their budgets and expenditures. As professionals, cost accountants are calculative and methodical to understand the how and why behind the numbers to fulfil fiscal responsibility.
Cost accountants also help companies determine the cost of production, track inventory levels and evaluate the performance of their operations from a financial perspective. They provide valuable insights to reduce costs and increase profits by analysing data from different sources. They also make timely and accurate reports on the company’s financial performance to present a detailed picture of its financial standing.
The role of cost accountants in an organisation includes preparing budget forecasts, developing cost-control systems, monitoring expenses, implementing cost-saving measures and interpreting financial data to identify trends or potential problems.
In India, cost accountants have many titles, such as financial analysts, budget analysts, and cost controllers. They can advance and take on more senior roles like Chief Financial Officer (CFO).
Job Description: Template
We seek an experienced, detail-oriented, certified cost accountant to join our finance team at [company name].
As a cost accountant, you will collect, analyse and report on cost accounting data. This includes preparing standard cost reports, monitoring inventory levels, cost comparisons, product costing analysis, tracking variances and making journal entries. You will also collaborate with other departments to ensure accurate budgeting and forecasting processes.
If you have a strong finance background, an analytical mindset and excellent problem-solving skills, we encourage you to apply and join our fast-growing team. We’ll help you reach your career goals with a nurturing environment, industry-standard benefits and abundant learning opportunities in the finance domain.
Objectives of this role
- Develop strategies to reduce costs and study product pricing to ensure the best possible return on investment for the company.
- Prepare budgeting reports by collecting information and data points from various departments within the organisation.
- Investigate discrepancies in financial records and perform month-end close activities, including journal entries and reconciliations.
- Conduct regular audits, interpret rules related to accounting practices and ensure compliance with the standard regulations in India.
Your tasks
- Examine costs of production to determine the most efficient methods of production.
- Ensure accurate classification of expenses under Generally Accepted Accounting Principles (GAAP).
- Research material costs to ensure the accuracy of the information in the company’s accounting system.
- Analyse manufacturing costs and prepare periodic reports comparing standard prices to actual production costs.
- Participate in physical inventory counts to ensure the accuracy of inventory records.
- Monitor the accumulation of all direct labour, overhead and other manufacturing-related expenses.
Required skills and qualifications
- A bachelor’s or master’s degree in finance or commerce with a specialisation in accountancy.
- 3+ years of experience in the accountancy field or an equivalent role.
- Proficiency in accounting software like Tally, QuickBooks or Peachtree and well-acquainted with Generally Accepted Accounting Principles (GAAP).
- Exceptional ability to think critically and make decisions based on data analysis.
- Excellent communication and presentation skills in discussing financial reports with company stakeholders.
Preferred skills and qualifications
- Relevant certifications like Cost Public Accountant (CPA) or Cost Management Accountant (CMA).
- Passion for numbers and competence in assessing larger datasets.
- Aptitude for mathematics, statistics, and various cost analysis techniques.
- Unswerving critical, analytical, and interpretation capabilities.
- Willingness to work in a team or individually, as required.